More transparency needed at Azerbaijani insurance companies: expert
Baku, Azerbaijan, Jan. 11
By Taleh Mursagulov - Trend:
In order to increase the confidence of the Azerbaijani population in insurance companies, their transparency needs to be increased, said Viladi Maniyev, chairman of the board of directors of AzInsurance OJSC, Trend reports.
“For example, detailed financial reports are published on the websites of banks,” he said. “In case of insurance companies, this is not observed."
"You can go to a bank’s website and see IFRS audited annual and quarterly reports provided to the regulator. This is while insurance companies, as a rule, publish once a year only a balance sheet and a report on profits and losses, which is not enough for a normal assessment of the company’s condition.”
He noted that increasing the transparency of insurance companies will allow people and organizations interested in insurance services choose a more reliable company.
There are 21 insurance companies in Azerbaijan.
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